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For purposes of this section, the term “minimum required distribution” means the minimum amount required to be distributed during a taxable year under section 401(a)(9), 403(b)(10), 408(a)(6), 408(b)(3), or 457(d)(2), as the case may be, as determined under regulations prescribed by the Secretary.
I.R.C. § 4974 (d) (1) —. the shortfall described in subsection (a) in the amount distributed during any taxable year was due to reasonable error, and. I.R.C. § 4974 (d) (2) —. reasonable steps are being taken to remedy the shortfall, the Secretary may waive the tax imposed by subsection (a) for the taxable year.
What Is A Qualified Retirement Plan As Defined by IRC Sec. 4974(c)? You may be able to take a credit (Retirement Savings Contribution Credit) of up to $1,000 (up to $2,000 if filing jointly) if you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans.
See Code Section 4974—excise tax on certain accumulations in qualified retirement plans. Find IRS publication info and the full-text Sec. 4974 on Tax Notes.
Internal Revenue Code § 4974. Excise tax on certain accumulations in qualified retirement plans. Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule.
Title 26 - Internal Revenue Code. Subtitle D - Miscellaneous Excise Taxes (§§ 4001 - 5000C) Chapter 43 - QUALIFIED PENSION, ETC., PLANS (§§ 4971 - 4980I) Section 4974 - Excise tax on certain accumulations in qualified retirement plans.
Subtitle D - Miscellaneous Excise Taxes CHAPTER 43 - QUALIFIED PENSION, ETC., PLANS Sec. 4974 - Excise tax on certain accumulations in qualified retirement plans
